一、财务资助情况概述 神州数码（中国）有限公司（以下简称"神码中国"）为神州数码全资子公 司。神码中国持有北京神州数码置业发展有限公司（以下简称"置业公司"）25% 股权、神州数码软件有限公司（以下简称"神码软件"）持有置业公司 25%股权、 北京万科企业有限公司（以下简称"北京万科"）持有置业公司 50%股权。为缓 解置业公司房地产开发所需资金需求，神码中国、神码软件、北京万科三方共同 协商，按照股权比例提供同等条件的财务资助。 神码中国按照股权比例以自有资金为置业公司提供累计不超过 1.5 亿元额度 的股东借款，年利率 4.52%。此额度在 2026 年 1 月 1 日至 2026 年 12 月 31 日期 间内可循环使用，且任一时点借款余额不超过 1.5 亿元。 公司董事、总裁兼董事会秘书陈振坤先生现担任置业公司董事，本次财务资 助构成关联交易。本次财务资助已经独立董事专门会议审议通过，并一致同意将 本议案提交公司董事会审议，公司第十一届董事会第二十四次会议已审议通过。 根据《深圳证券交易所股票上市规则》、《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》和《公司章程》等相关规定 ...

神州数码公告称，其全资子公司神州数码（中国）有限公司拟以自有资金向北京神州数码置业发展有限 公司提供累计不超1.5亿元额度的股东借款，年利率4.52%，额度在2026年可循环使用。因公司董事、总 裁兼董事会秘书陈振坤任置业公司董事，本次财务资助构成关联交易。该事项已通过董事会审议，尚需 股东会审议。截至公告日，公司累计对外财务资助余额10806万元，占最近一期经审计净资产的 1.17%。 ...

Group 1: Industry Overview - The computer industry has shown steady revenue growth and improved profit margins, with total revenue reaching 939.34 billion yuan in the first three quarters of 2025, a year-on-year increase of 9.4% [11] - The software development sub-industry has seen significant profit improvements, while the computer equipment sub-industry remains relatively high in terms of market sentiment [11] - The industry has experienced a volatile upward trend since the beginning of 2025, with the computer industry index rising by 18.54% as of November 28, 2025, outperforming the CSI 300 index by 3.5 percentage points [18] Group 2: Algorithm and Applications - The global landscape of large models is rapidly evolving, with significant competition among closed-source models from companies like Google, Anthropic, and OpenAI, while domestic open-source models like Kimi K2 and MiniMax-M2 maintain a leading position [27][30] - The focus of large model applications is shifting towards programming, enterprise services, and office productivity tools, indicating a convergence in the market [42] - The integration of multi-modal capabilities and AI agents is becoming a competitive focal point in the large model market, expanding the boundaries of model tasks [32][34] Group 3: Computing Power - The AI computing power market is experiencing high demand, with the global AI server market projected to grow at a CAGR of 15.5% from 2024 to 2028, while China's market is expected to grow at a CAGR of 30.6% during the same period [10] - The domestic AI computing power chip industry is poised for growth due to strong policy support and increasing downstream demand, with a clear trend towards self-sufficiency [10][22] Group 4: Intelligent Driving - The penetration rate of Navigate on Autopilot (NOA) features is increasing, indicating a rapid commercialization of the intelligent driving industry in China, with the market size expected to exceed 300 billion yuan by 2030 [4] - Major players like Tesla and Xpeng are advancing their intelligent driving technologies, with significant updates and new model releases enhancing their market positions [4][5] Group 5: Investment Recommendations - The report maintains a "stronger than market" rating for the computer industry, highlighting investment opportunities in AI computing power, algorithms, and intelligent driving sectors [5] - Specific stock recommendations include companies like Zhongke Chuangda, Haiguang Information, and Industrial Fulian in the AI computing power segment, and companies like Daotong Technology and Kingsoft Office in the AI algorithm and application space [5][6]

Core Viewpoint - The development of digital RMB is crucial for establishing a new international monetary and financial order, and it is imperative to accelerate its innovation and application to gain a competitive advantage globally [1][19]. Group 1: Digital RMB Development - Since May 2025, the U.S. and Hong Kong have been advancing legislation on stablecoins and digital assets, prompting discussions in China about the need to promote digital RMB and stablecoin legislation [3][22]. - The People's Bank of China (PBOC) announced plans to optimize the positioning of digital RMB beyond the previously defined M0 level and to enhance its management system [3][22]. - A meeting was held on November 28, where 13 departments emphasized the need to continue prohibiting virtual currencies and to combat illegal financial activities related to them [3][22]. Group 2: Challenges and Controversies - The policy direction to firmly curb virtual currencies has exceeded many expectations and has sparked significant social debate [4][23]. - The initial positioning of digital RMB as M0 has led to limitations in supply and application scenarios, making it less competitive compared to mobile payments [7][27]. - There is a need to redefine the essence and positioning of digital RMB to ensure its successful development and international competitiveness [4][28]. Group 3: Technological and Structural Considerations - Digital RMB must leverage technologies such as blockchain and smart contracts to enhance efficiency and security [12][34]. - The integration of digital RMB with digital identity systems is essential for ensuring the authenticity and security of user information [14][36]. - A clear distinction between domestic and international versions of digital RMB is necessary due to jurisdictional differences [16][37]. Group 4: Strategic Importance - Digital RMB should be elevated to a national strategic project, requiring collaboration across various government departments to ensure effective resource allocation and project quality [18][39]. - The relationship between digital RMB and existing RMB clearing systems must be carefully managed to ensure seamless integration and operation [19][40].

Core Viewpoint - The company has approved a series of resolutions regarding the provision of guarantees for its subsidiaries, with a total expected guarantee amount of up to 680 billion RMB, reflecting a strategic approach to support its subsidiaries based on their financial health [3][4]. Group 1: Guarantee Approvals - The company and its subsidiaries are authorized to apply for credit or performance obligations from banks and suppliers, with specific limits set for subsidiaries based on their asset-liability ratios [3]. - The approved guarantee limits include 25 billion RMB for subsidiaries with an asset-liability ratio below 70% and 655 billion RMB for those above 70%, with a total expected guarantee amount of 680 billion RMB [4]. - The company has signed guarantee contracts with various banks, including a 3 billion RMB guarantee for Beijing Shenzhou Digital Co., Ltd. and a 2 billion RMB guarantee for Beijing Shenzhou Digital Cloud Technology Co., Ltd. [5]. Group 2: Financial Data and Risk Management - As of the latest announcement, the total amount of external guarantees provided by the company and its subsidiaries is 657.11 billion RMB, with no overdue guarantees or litigation involved [6]. - The actual utilization of external guarantees is 278.49 billion RMB, which represents 301.23% of the company's most recent audited net assets [6]. - Guarantees for subsidiaries with an asset-liability ratio below 70% total 13.61 billion RMB, while those above 70% total 609.67 billion RMB [6].

证券代码：000034 证券简称：神州数码 公告编号：2025-181 神州数码集团股份有限公司 关于为子公司担保的进展公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 神州数码集团股份有限公司（以下简称"公司"）2025 年 3 月 27 日召开的 第十一届董事会第十三次会议、2025 年 4 月 22 日召开的 2024 年年度股东大会 审议通过了《关于预计担保额度的议案》，同意公司和控股子公司向业务相关方 （包括但不限于银行、金融机构及供应商等）申请授信或其他履约义务，同意为 下属控股子公司提供担保或控股子公司之间提供担保。其中，为资产负债率低于 70%的控股子公司提供担保的额度不超过人民币 20 亿元，为资产负债率 70%以上 的控股子公司提供担保的额度不超过人民币 630 亿元，预计提供担保总额不超过 等额 650 亿元人民币，担保方式为保证担保、抵押担保、质押担保等，且任一时 点的担保余额不超过股东大会审议通过的额度。同时，在此担保额度范围内，公 司合并报表范围内控股子公司之间提供的担保，按照控股子公司的审议程序决定， 控股子公司在其履行审议程序 ...

Core Viewpoint - Shenzhou Holdings (00861.HK) announced plans for its indirect non-wholly owned subsidiary, DCITS (000034), to sell up to 28,827,300 shares, representing approximately 2.9543% of DCITS's total share capital, within three months after a pre-disclosure announcement [1] Group 1 - The sale will be conducted through centralized bidding or block trading methods [1] - The decision is based on the operational and developmental needs of the controlling shareholder, Shenma Software [1]

Core Viewpoint - Digital China Information Service Group Company Ltd. (DCITS) is planning to sell up to 28,827,300 shares, representing approximately 2.9543% of its total share capital, to support its business development and general operating funds [1] Group 1 - The controlling shareholder, Digital China Software Co., Ltd., intends to sell the shares within three months after the pre-disclosure announcement date [1] - As of the announcement date, Digital China Software holds 389,540,110 shares of DCITS, accounting for about 39.9211% of the total share capital [1] - The proceeds from the sale will be used for the group's business development and general operating expenses [1] Group 2 - After the sale, DCITS will continue to be a subsidiary of the company, and the company expects to record gains from the sale in its consolidated equity change statement, with specific amounts to be confirmed after auditing [1]

证券代码：000034 证券简称：神州数码 公告编号：2025-180 神州数码集团股份有限公司 关于为子公司担保的进展公告 公司近期就上海浦东发展银行股份有限公司深圳分行与子公司北京神州数 码云科信息技术有限公司的授信业务签署了《最高额保证合同》，担保金额人民 币 8 亿元，提供连带责任保证担保，保证期间为债务履行期限届满之日起三年。 公司近期就平安银行股份有限公司上海分行与子公司上海神州数码有限公 司的授信业务签署了《最高额保证担保合同》，担保金额人民币 1.5 亿元，提供 连带责任保证担保，保证期间为债务履行期限届满之日起三年。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 神州数码集团股份有限公司（以下简称"公司"）2025 年 3 月 27 日召开的 第十一届董事会第十三次会议、2025 年 4 月 22 日召开的 2024 年年度股东大会 审议通过了《关于预计担保额度的议案》，同意公司和控股子公司向业务相关方 （包括但不限于银行、金融机构及供应商等）申请授信或其他履约义务，同意为 下属控股子公司提供担保或控股子公司之间提供担保。其中，为资产负债率低 ...

本报讯(记者陈潇)近日，神州数码（000034）控股有限公司(以下简称"神州控股")智慧供应链子公司科 捷供应链有限公司(以下简称"科捷")与全球服务机器人领域的领导品牌深圳市普渡科技有限公司(以下简 称"普渡机器人")正式签署战略合作协议。 此外，科捷还将依托其国内仓储配送资源，为普渡机器人提供本地化存储、快速调拨及全国无死角仓配 服务，助其提高产品国内市场流通效率；以及整合国内外40多个主流电商平台资源，提供一站式电商代 运营服务；量身定制智能仓储解决方案；通过KingKoo Data供应链控制塔、物流垂类大模型和企业级供 应链智能体集群"小金"，提供大数据分析与决策优化服务，实现供应链全环节精准管控。 目前，科捷正通过AI全栈技术核心引擎，结合"客户+生态"双轮驱动模式，持续强化项目方案建设，打 造"看得见、管得了、说得清、能进化"的仓储管理体系和完善的客户管理体系，做行业内的仓储管理专 家和商家的货物管理专家，将解决方案产品化、客户价值可视化、市场驱动数据化，持续深化行业供应 链服务能力。 面向未来，科捷与普渡机器人将以此次战略合作为起点，持续深化在各核心业务领域的协同，共同探 索"供应链+机器人"融 ...